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Commercial Leases and Insurance Requirements

December 31, 2024

Have you signed a lease agreement for your business? Have you shown the lease agreement to your insurance agent?

Even better, before you sign a lease agreement, it would be a good idea to show it to your insurance agent.

You have a lot more bargaining power before you sign than after you have moved in and agreed to the landlord without potential negotiations.

In today’s litigious society, many landlords try to transfer some of their liability risk to the tenant. If you have already signed the agreement, but you don’t follow through and you don’t get coverage for what you agreed to, how will that affect you in the event of a loss?

It is not unusual for landlords to require tenants to name the landlord as additional insured, but is this going to cost you more? Does this take coverage away from you? What if the landlord requires you to insure the existing improvements and betterments? How does this affect your insurance costs?

There are a lot more questions here than answers. So, your answer should be to call one of the business insurance agents at Schlitt Insurance Services today!

Contact us today and we will work with you to make sure you have the coverage needed to protect your agreement.